Mortgages in the MBS have seasoned for an average of 7.7 months, according to a presale report from Fitch Ratings.

A year ago, IRRRL activity totaled just $1.99 billion. In the first three months of 2020, it rocketed to $42.01 billion.

Even more noteworthy: First Republic hasn’t issued any non-agency securities since the market meltdown of 2008.

The result: The buildup of payoff funds dramatically reduces the P&I advance requirement...

Fitch and KBRA assigned preliminary AAA ratings to the new MBS. Both incorporated coronavirus-related stress measurements to their calculations...

The biggest surge was in the Ginnie Mae program, where 818,657 loans were classified as 30- to 60-days past due as of the end of April, or 7.02% of the overall Ginnie portfolio. That was up 352,397 loans from the end of March.

According to figures compiled by Inside Mortgage Finance, consumers owe $11.168 trillion on their first liens. If the new MBA forbearance reading is applied to that number, $883.3 billion of mortgages are in need of assistance, temporary or otherwise.

It's not hard to see why Fannie and Freddie like their CRT programs...

Top contributors to the deal include 5th Street Capital with a 42.8% share and Sprout Mortgage (41.0%). Servicing is being divided among Specialized Loan Servicing (62.4%), Fay Servicing (31.4%) and Lima One Capital (6.2%).